Shares of Netflix (NFLX) - Get Report  were rising Friday after analysts at Piper Jaffray reiterated the firm's overweight rating and $440 price target, saying that the recent pullback in the stock is overblown. 

The price target represents a potential upside of 52% from the stock's closing price Thursday of $288.86. 

"Despite an onslaught of new streaming services currently casting a cloud of concern over NFLX shares, we expect the company will continue to capture a significant portion of traditional content dollars, as those dollars migrate to streaming," said analyst Michael Olson. 

The company reported disappointing second-quarter results and with new streaming offerings from Walt Disney (DIS) - Get Report , Apple (AAPL) - Get Report and HBO coming online, the company's stock has suffered in recent weeks. 

However, Olson is optimistic that the company's third-quarter subscriber numbers will outpace estimates and lead to a rebound in the stock. 

Netflix shares were rising 2.29% to $295.47 on Friday. 

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